Project financing: financial instruments and risk management
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| Format: | Buch |
| Sprache: | English |
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New Jersey ; London ; Singapore
World Scientific
[2021]
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes index |
| Beschreibung: | xxv, 462 Seiten Illustrationen, Diagramme |
| ISBN: | 9789811231490 |
Internformat
MARC
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| 245 | 1 | 0 | |a Project financing |b financial instruments and risk management |c Carmel de Nahlik (WMG, University of Warwick, UK), Frank J. Fabozzi (EDHEC Business School, France) |
| 264 | 1 | |a New Jersey ; London ; Singapore |b World Scientific |c [2021] | |
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Datensatz im Suchindex
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| adam_text | Contents Preface vii About the Authors xiii Chapter 1 How LASMO Rode the Waves and Struck Black Introduction 1.1. What Was the Project? 1.2. Macro Environment 1.3. History of the Project’sDevelopment 1.3.1. The Ninian Field 1.3.2. Sponsors 1.3.3. Structure 1.3.4. Financing Decisions 1.3.5. The Debt Decision 1.3.6. An Equity Facet? 1.4. Investor Profiles 1.5. The Sting in the Tail 1.6. Lessons Learned 1 1 2 9 16 18 20 21 22 23 24 26 27 30 Chapter 2 A Good Relationship for All Stakeholders Introduction 2.1. The Rise and Rise of Stakeholders 2.2. Who is a Stakeholder and What is Their Stake? Is a Stake the Same as a Claim? 33 33 34 35
Contents 2.3. The Equator Principles 2.4. How Bank and Other Corporate Relationships Have Evolved 2.5. What Makes a Good Stakeholder Relationship for Banks and Their Clients? 2.5.1. What Do Clients Look for in Banks? 2.5.2. What Do Banks Look for in Clients? 2.6. What Makes a Good Stakeholder Relationship for Banks with Other Banks? 2.7. When to include an Outside Adviser and the Use of an Engagement Letter 2.7.1. Developing a Relationship w ith the Sponsors 2.7.2. Designing and Contracting for the Preliminary Feasibility Study 2.7.3. Planning and Selecting the Optimal Financing Structure and Key Providers 2.7.4. Monitoring and Administering the Financing 2.8. Selection of an Outside Adviser 2.9. Engagement Letter Chapter 3 How Lenders Appraise Credit Risk in General Introduction 3.1. Stakeholder Interests 3.2. Credit Analysis from the Standpoint of a Term Lender 3.3. General Considerations in Credit Decisions 3.3.1. Management 3.3.2. Level and Stability of Earnings 3.3.3. The Industry and the Firm 3.4. Financial [latios 3.4.1. Liquidity Ratios 3.4.2. Financial Leverage Ratios 3.4.3. Profitability Ratios 3.4.4. Activity Ratios 3.5. Commercial Debt Ratings 3.6. The Impact of Changes to Global Bank Regulation on Project Finance 38 40 42 42 44 45 48 50 50 51 53 55 55 57 57 59 60 61 61 61 61 63 63 64 66 67 67 70
Contents xvii Chapter 4 Credit Appraisal When Financing a Project 4.1. Introduction 4.2. Credit Risk in a Project Loan 4.3. Purpose of a Risk Classification System 4.4. Risk Classification Criteria 4.5. Description of Risk Classification Criteria Grid 75 75 76 77 78 83 Chapter 5 Risks that a Lender May Assume 5.1. Introduction 5.2. Country Risk 5.3. Sovereign Risk 5.4. Political Risk 5.5. Foreign Exchange Risk 5.6. Inflation Risk 5.7. Interest Rate Risk 5.8. Appraisals 5.9. Availability of Permits and Licenses 5.10. Operating Performance Risk 5.11. Price of Product 5.11.1. Enforceability of Contracts for Product 5.12. Price of Raw Materials and Energy 5.13. Enforceability of Contracts for Raw Materials 5.14. Refinancing Risk 5.15. Force Majeure Risk 5.16. Legal Risk 97 97 98 99 100 100 101 101 102 102 103 103 104 104 104 105 105 106 Chapter 6 A Good Sponsor Relationship 6.1. Introduction 6.2. Getting to Know the Sponsor 6.3. What is the Deal About? (Purpose) 6.4. Additional Support or Security 6.5. The Borrowing Entity 6.6. The Project Background 6.7. Syndication and Participations in the Project 107 107 108 111 113 114 115 116 Chapter 7 Types of Equity Capital and Debt 7.1. Introduction 7.2. Equity 7.2.Í. Subordinated Loans 121 121 121 123
xviii Contents 7.2.2. Equity Kickers 7.2.3. Financial Covenants 7.2.4. Interest Rate and Term 7.2.5. Unsecured Loans by Sponsors 7.3. Senior Debt 7.3.1. Unsecured Loans 7.3.2. Secured Loans 7.3.3. Nature of Security for Senior Debt 7.3.4. Security Agent for Senior Debt 7.3.5. Secured Loans Other Than Senior Debt and Leases 7.4. Concerns of Senior Lenders 7.5. Inter-Creditor Agreement 126 127 127 128 128 129 131 134 134 Chapter 8 Sources of Equity and Debt 8.1. Introduction 8.2. Multilateral Development Agencies 8.3. International Finance Corporation 8.4. Government Export Financing and National Interest Lenders 8.4.1. Insurance Products 8.4.2. Loans and Guarantees 8.4.3. Supplier Credit 8.4.4. Buyer Credit 8.4.5. The Berne Union 8.5. Host Governments 8.6. Commercial Banks 8.7. Institutional Lenders 8.8. Money Market Funds 8.9. Commercial Finance Companies 8.10. Leasing Companies 8.11. Private Equity Providers 8.12. Buy-Outs, Buy-Ins and Buy-In Management Buy-Outs Funds 8.13. Bond Markets 8.14. Wealthy Individual Investors 8.15. Local Stakeholders Including Peer Lenders 8.16. Suppliers of a Product or Raw Materials 8.17. New Product Buyers or Service Users 139 139 142 143 135 135 136 144 145 145 145 146 146 146 147 147 147 148 148 148 148 149 149 150 150 150
Contents 8.18. 8.19. 8.20. 8.21. 8.22. 8.23. 8.24. 8.25. 8.26. Contractors Trade Creditors Vendor Financing of Equipment Sponsor Loans and Advances Project Collateralized Bond and Loan Obligation Pools Insurance Provided by Private Insurance Companies Islamic Finance Case Study: Dana Gas General Guidelines When Selecting Sources of Finance 151 151 152 ) 52 153 153 ¡54 156 159 Chapter 9 Types of Financial Instruments Used in Project Financing Introduction 9.1. Commercial Bank Loans 9.2. Supplier Financing and Captive Finance Companies 9.3. Export Credit Financing 9.4. Buyer Credits Supported by an Export Credit Agency 9.5. National and International Development Bank Loans 9.6. Co-Financing and ComplementaryFinancing 9.7. Syndicated Credit Facilities 9.8. Production Payment Loans and Advances 9.9. Short-Term Financing Vehicles 9.10. Bond Financing 9.10.1. Eurobond Market 9.10.2. US Corporate Bond Market 9.11. Medium-Term Notes 9.12. Asset-Backed Securities 9.13. Leases 9.14. Preferred Stock 9.15. Master Limited Partnerships 9.16. Research And Development Limited Partnership 9.17. Equity Funding via Depositary Receipts 9.18. Islamic Lending 9.19. Credit Enhancement 161 161 163 164 164 166 166 166 167 169 169 170 170 172 182 185 186 186 188 189 189 190 190
xx Contents Chapter 10 Commercial Paper and Back-Up Credit Facilities Introduction 10.1. Advantages of CP Financing 10.2. Concerns With Using CP Funding 10.3. Maturity Characteristics of CP 10.4. Selecting a CP Agent 10.5. Governmental Approvals by Non-US Issuers 10.6. Jurisdiction for Non-US Issuers 10.7. CP Ratings 10.8. Credit Support Facilities 10.9. Credit Enhancement Facilities 10.10. Asset-Backed CP 191 191 192 192 193 194 195 195 196 197 198 199 Chapter 11 Term Loans and Private Placements 11.1. Introduction 11.2. Commercial Bank Loans 11.3. Term Bank Loans 11.4. Revolving Bank Loans 11.5. Perms and Mini-Perms 11.6. Private Placements 11.7. Investment Criteria of Investors 11.8. The Use of Agents or Advisers 1 ! .9. Description of a Typical Term Loan or Debt Private Placement Agreement 11.10. Loan Terms and Closing the Loan 11.10.1. The Note(s) 11.10.2. Making the Loan 11.10.3. Conditions of Closing 11.10.4. Financial Guarantees 11.10.5. Affirmative Covenants 11.10.6. Protective Covenants 1 և10.7. Default and Remedies 11.10.8. Material Adverse Change Clause 11.10.9. Boilerplate Provisions 203 203 203 204 206 208 209 210 212 Chapter 12 Guarantees 12Л. Introduction 12.2. Guarantors 12.2.1. Owner Guarantors 235 235 236 236 213 214 214 214 214 216 220 221 229 231 231
Contenls 12.2.2. Third-Party Guarantors 12.2.3. Bank Letters of Credit 12.2.4. Insurance Companies 12.2.5. Investment Companies 12.3. The Coverage of Guarantees 12.3.1. Commercial Risk 12.3.2. Political Risk 12.3.3. Casualty Risk 12.3.4. War Risk 12.3.5. Acts of God 12.4. Types of Guarantees 12.4.1. Limited Guarantees 12.4.2. Indirect Guarantees 12.4.3. Contingent Guarantees 12.4.4. Implied Guarantees 12.4.5. Syndicated Credit (Including Eurocurrency Loans) 12.4.6. Example of a Project Financing Support by a User Sponsor’s Guarantee 12.4.7. Completion Guarantees 12.4.8. Guarantees and Bonds under Construction Contracts 12.4.9. Deficiency Guarantees 12.4.10. Undertakings Providing Comfort to Lenders but Not Really Guarantees 12.4.11. Direct and Indirect Guarantees against Nationalization, Expropriation and Political Risk 12.4.12. Exim Bank Financing and Loan Guarantee Programmes 12.4.13. Shipping Company Financing the Purchase of a Foreign Flagship with a Non-Recourse Loan 12.4.14. Take-or-Pay, Through-Put and Put-or-Pay Contracts 12.4.15. Build Own and Transfer or Build Own and Operate Transactions 12.4.16. Puts and Call as Support Mechanisms 237 240 242 243 243 243 245 246 246 246 247 247 249 250 250 251 252 253 254 258 260 267 269 272 273 284 285
Contents Chapter 13 General Principles of Leasing and Types of Leases 287 Introduction What is a Lease? Different Forms of Leases Different Types of Lessors The Conditional Sale Lease or Non-Tax-Oriented Lease 13.5. The True Lease or Lease as Part of the Financing of a Sales Package 13.5.1. How True Leasing Works 13.5.2. Principal Advantage is Low Cost 13.5.3. Rationalization of the Loss of Residual Value 13.6. TRAC Leases 13.6.1. Equipment Eligible for TRAC Leases 13.6.2. TRAC Defined 13.6.3. How a TRAC Lease Works 13.6.4. Except for TRAC Clause, a TRAC Lease Must Qualify as a True Lease 13.6.5. Advantages of TRAC Leases 13.7. Islamic Leases 13.8. Synthetic Leases 13.9. How the New Accounting Rules Will Impact on Leases 13.1. 13.2. 13.3. 13.4. Chapter 14 International Leasing Introduction 14.1. Cross-Boundary Leasing or Cross-Border Leasing 14.2. Double Dip Leasing 14.3. Examples of Leasing in Different National Contexts 14.3.1. Regulation of Leasing Activity 14.3.2. Initial Costs of the Transaction 14.3.3. Ownership of the Asset 14.3.4. Tax Issues 14.3.5. End-of-Lease Issues 14.4. Some Examples of Different Leasing Approaches 14.4.1. France 14.4.2. Ireland 287 288 290 292 292 293 294 295 296 296 296 297 297 297 297 298 301 301 305 305 305 306 307 310 310 310 311 311 312 312 313
Contents 14.4.3. Japan 14.4.4. 14.4.5. 14.4.6. 14.4.7. 14.4.8. 14.4.9. China Australia Africa Americas Middle East Islamic Leases Chapter 15 Overview of Risk Management 15.1. Introduction 15.2. Types of Risk 15.2.1. Risk Retention 15.2.2. Neutralizing Risk 15.2.3. Risk Transfer 15.3. Traditional Insurance Policies 15.3.1. Political Risk Insurance 15.3.2. DFC insurance Programme as an Exemplar 15.3.3. Private Sector Coverage 15.4. Trade Credit Insurance 15.5. Financial Guarantees 15.6. Structured Finance 15.6.1. Securitization 15.6.2. Structured Notes 15.7. Derivatives Instruments 15.7.1. Risk-Sharing Versus Insurance-Type Derivatives 15.7.2. Exchange-Traded versus Over-theCounter Derivatives 15.8. Alternative Risk Transfer 15.8. ). Derivative-Type Agreements 15.8.2. Insurance-Linked Notes 15.8.3. Contingent Insurance Chapter 16 Controlling Risk Using Listed Derivatives 16.1. Introduction 16.2. Futures Contracts 16.2.1. Mechanics of Futures Trading 16.2.2. Futures Contracts Used in Hedging Project Risk 314 315 317 317 317 317 318 319 319 319 320 320 321 322 322 323 325 326 326 327 327 330 330 331 332 333 333 334 335 337 337 338 338 340
xxiv Contents 16.2.3. General Principles of Hedging With Futures and Forward Contracts 16.3. Exchange-Traded Options 16.3.1. Option Description and Mechanics 16.3.2. Differences Between Options and Futures Contracts 16.3.3. Exchange-Traded Futures Options Chapter 17 Controlling Risk via Risk-Sharing Derivative Contracts: Swaps 17.1. Introduction 17.2. Generic Interest-Rate Swaps 17.3. Application 17.4. Calculation of the Swap Rate 17.5. Valuing a Swap 17.6. Non-Generic Interest-Rate Swaps 17.6.1. Amortizing, Accreting and Roller Coaster Swaps 17.6.2. Zero-Coupon Swaps 17.6.3. Basis Rate Swaps 17.6.4. Forward Rate Swaps 17.7. Currency Swaps 17.8. Cross-Currency Interest-Rate Swaps 17.9. Commodity Swaps Chapter 18 Controlling Risk With Customized Derivatives and Agreements 18.1. Introduction 18.2. Exotic Options 18.2.1. Compound Options 18.2.2. Forward-Start Options 18.2.3. Barrier Options 18.2.4. Lookback Options 18.2.5. Average Options 18.3. Interest Rate Agreements 18.3.1. Caps and Floors 18.3.2. Collars 18.3.3. Forward Rate Agreements 18.3.4. Swaptions 343 356 358 359 360 363 363 364 365 366 369 371 372 372 372 372 372 374 375 379 379 380 380 381 381 381 382 382 382 383 384 384
Contents Derivative-Type Agreements for Controlling Risk 18.4.1. Deal-Contingent Hedges 18.4.2. Off-Take Agreements 18.4.3. Contract for Difference 18.5. Credit Default Swaps 18.5.1. Mechanics of a Credit DefaultSwap 18.5.2. Use of CDS By Banks xxv 18.4. 385 385 386 390 391 392 393 Chapter 19 The Influenceof ESG on Project Finance Introduction 19.1. Environmental Issue Case 19.2. Social Issue Case 19.3. Governance Issue Case 19.4. What Genera] Conclusions Can We Draw? 395 395 397 399 400 407 Chapter 20 Sirius: A Star That Fell to Earth 20.1. Introduction 20.2. What Was the Project? 20.3. Macro Environment 20.4. Potassium-Based Fertilizers (Potash Fertilizer) 20.5. Project Development and Design 20.6. Developing the New Market for Polyhalite 20.7. Financial Structure 20.8. Financing Decisions 20.9. Stage 1 Becomes Stage 2 20.10. How It All Went So Very Wrong! 20.11. Lessons Learned 409 409 410 41) 414 418 423 428 430 430 432 437 Afterword 439 Index 441
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| adam_txt |
Contents Preface vii About the Authors xiii Chapter 1 How LASMO Rode the Waves and Struck Black Introduction 1.1. What Was the Project? 1.2. Macro Environment 1.3. History of the Project’sDevelopment 1.3.1. The Ninian Field 1.3.2. Sponsors 1.3.3. Structure 1.3.4. Financing Decisions 1.3.5. The Debt Decision 1.3.6. An Equity Facet? 1.4. Investor Profiles 1.5. The Sting in the Tail 1.6. Lessons Learned 1 1 2 9 16 18 20 21 22 23 24 26 27 30 Chapter 2 A Good Relationship for All Stakeholders Introduction 2.1. The Rise and Rise of Stakeholders 2.2. Who is a Stakeholder and What is Their Stake? Is a Stake the Same as a Claim? 33 33 34 35
Contents 2.3. The Equator Principles 2.4. How Bank and Other Corporate Relationships Have Evolved 2.5. What Makes a Good Stakeholder Relationship for Banks and Their Clients? 2.5.1. What Do Clients Look for in Banks? 2.5.2. What Do Banks Look for in Clients? 2.6. What Makes a Good Stakeholder Relationship for Banks with Other Banks? 2.7. When to include an Outside Adviser and the Use of an Engagement Letter 2.7.1. Developing a Relationship w'ith the Sponsors 2.7.2. Designing and Contracting for the Preliminary Feasibility Study 2.7.3. Planning and Selecting the Optimal Financing Structure and Key Providers 2.7.4. Monitoring and Administering the Financing 2.8. Selection of an Outside Adviser 2.9. Engagement Letter Chapter 3 How Lenders Appraise Credit Risk in General Introduction 3.1. Stakeholder Interests 3.2. Credit Analysis from the Standpoint of a Term Lender 3.3. General Considerations in Credit Decisions 3.3.1. Management 3.3.2. Level and Stability of Earnings 3.3.3. The Industry and the Firm 3.4. Financial [latios 3.4.1. Liquidity Ratios 3.4.2. Financial Leverage Ratios 3.4.3. Profitability Ratios 3.4.4. Activity Ratios 3.5. Commercial Debt Ratings 3.6. The Impact of Changes to Global Bank Regulation on Project Finance 38 40 42 42 44 45 48 50 50 51 53 55 55 57 57 59 60 61 61 61 61 63 63 64 66 67 67 70
Contents xvii Chapter 4 Credit Appraisal When Financing a Project 4.1. Introduction 4.2. Credit Risk in a Project Loan 4.3. Purpose of a Risk Classification System 4.4. Risk Classification Criteria 4.5. Description of Risk Classification Criteria Grid 75 75 76 77 78 83 Chapter 5 Risks that a Lender May Assume 5.1. Introduction 5.2. Country Risk 5.3. Sovereign Risk 5.4. Political Risk 5.5. Foreign Exchange Risk 5.6. Inflation Risk 5.7. Interest Rate Risk 5.8. Appraisals 5.9. Availability of Permits and Licenses 5.10. Operating Performance Risk 5.11. Price of Product 5.11.1. Enforceability of Contracts for Product 5.12. Price of Raw Materials and Energy 5.13. Enforceability of Contracts for Raw Materials 5.14. Refinancing Risk 5.15. Force Majeure Risk 5.16. Legal Risk 97 97 98 99 100 100 101 101 102 102 103 103 104 104 104 105 105 106 Chapter 6 A Good Sponsor Relationship 6.1. Introduction 6.2. Getting to Know the Sponsor 6.3. What is the Deal About? (Purpose) 6.4. Additional Support or Security 6.5. The Borrowing Entity 6.6. The Project Background 6.7. Syndication and Participations in the Project 107 107 108 111 113 114 115 116 Chapter 7 Types of Equity Capital and Debt 7.1. Introduction 7.2. Equity 7.2.Í. Subordinated Loans 121 121 121 123
xviii Contents 7.2.2. Equity Kickers 7.2.3. Financial Covenants 7.2.4. Interest Rate and Term 7.2.5. Unsecured Loans by Sponsors 7.3. Senior Debt 7.3.1. Unsecured Loans 7.3.2. Secured Loans 7.3.3. Nature of Security for Senior Debt 7.3.4. Security Agent for Senior Debt 7.3.5. Secured Loans Other Than Senior Debt and Leases 7.4. Concerns of Senior Lenders 7.5. Inter-Creditor Agreement 126 127 127 128 128 129 131 134 134 Chapter 8 Sources of Equity and Debt 8.1. Introduction 8.2. Multilateral Development Agencies 8.3. International Finance Corporation 8.4. Government Export Financing and National Interest Lenders 8.4.1. Insurance Products 8.4.2. Loans and Guarantees 8.4.3. Supplier Credit 8.4.4. Buyer Credit 8.4.5. The Berne Union 8.5. Host Governments 8.6. Commercial Banks 8.7. Institutional Lenders 8.8. Money Market Funds 8.9. Commercial Finance Companies 8.10. Leasing Companies 8.11. Private Equity Providers 8.12. Buy-Outs, Buy-Ins and Buy-In Management Buy-Outs Funds 8.13. Bond Markets 8.14. Wealthy Individual Investors 8.15. Local Stakeholders Including Peer Lenders 8.16. Suppliers of a Product or Raw Materials 8.17. New Product Buyers or Service Users 139 139 142 143 135 135 136 144 145 145 145 146 146 146 147 147 147 148 148 148 148 149 149 150 150 150
Contents 8.18. 8.19. 8.20. 8.21. 8.22. 8.23. 8.24. 8.25. 8.26. Contractors Trade Creditors Vendor Financing of Equipment Sponsor Loans and Advances Project Collateralized Bond and Loan Obligation Pools Insurance Provided by Private Insurance Companies Islamic Finance Case Study: Dana Gas General Guidelines When Selecting Sources of Finance 151 151 152 ) 52 153 153 ¡54 156 159 Chapter 9 Types of Financial Instruments Used in Project Financing Introduction 9.1. Commercial Bank Loans 9.2. Supplier Financing and Captive Finance Companies 9.3. Export Credit Financing 9.4. Buyer Credits Supported by an Export Credit Agency 9.5. National and International Development Bank Loans 9.6. Co-Financing and ComplementaryFinancing 9.7. Syndicated Credit Facilities 9.8. Production Payment Loans and Advances 9.9. Short-Term Financing Vehicles 9.10. Bond Financing 9.10.1. Eurobond Market 9.10.2. US Corporate Bond Market 9.11. Medium-Term Notes 9.12. Asset-Backed Securities 9.13. Leases 9.14. Preferred Stock 9.15. Master Limited Partnerships 9.16. Research And Development Limited Partnership 9.17. Equity Funding via Depositary Receipts 9.18. Islamic Lending 9.19. Credit Enhancement 161 161 163 164 164 166 166 166 167 169 169 170 170 172 182 185 186 186 188 189 189 190 190
xx Contents Chapter 10 Commercial Paper and Back-Up Credit Facilities Introduction 10.1. Advantages of CP Financing 10.2. Concerns With Using CP Funding 10.3. Maturity Characteristics of CP 10.4. Selecting a CP Agent 10.5. Governmental Approvals by Non-US Issuers 10.6. Jurisdiction for Non-US Issuers 10.7. CP Ratings 10.8. Credit Support Facilities 10.9. Credit Enhancement Facilities 10.10. Asset-Backed CP 191 191 192 192 193 194 195 195 196 197 198 199 Chapter 11 Term Loans and Private Placements 11.1. Introduction 11.2. Commercial Bank Loans 11.3. Term Bank Loans 11.4. Revolving Bank Loans 11.5. Perms and Mini-Perms 11.6. Private Placements 11.7. Investment Criteria of Investors 11.8. The Use of Agents or Advisers 1 ! .9. Description of a Typical Term Loan or Debt Private Placement Agreement 11.10. Loan Terms and Closing the Loan 11.10.1. The Note(s) 11.10.2. Making the Loan 11.10.3. Conditions of Closing 11.10.4. Financial Guarantees 11.10.5. Affirmative Covenants 11.10.6. Protective Covenants 1 և10.7. Default and Remedies 11.10.8. Material Adverse Change Clause 11.10.9. Boilerplate Provisions 203 203 203 204 206 208 209 210 212 Chapter 12 Guarantees 12Л. Introduction 12.2. Guarantors 12.2.1. Owner Guarantors 235 235 236 236 213 214 214 214 214 216 220 221 229 231 231
Contenls 12.2.2. Third-Party Guarantors 12.2.3. Bank Letters of Credit 12.2.4. Insurance Companies 12.2.5. Investment Companies 12.3. The Coverage of Guarantees 12.3.1. Commercial Risk 12.3.2. Political Risk 12.3.3. Casualty Risk 12.3.4. War Risk 12.3.5. Acts of God 12.4. Types of Guarantees 12.4.1. Limited Guarantees 12.4.2. Indirect Guarantees 12.4.3. Contingent Guarantees 12.4.4. Implied Guarantees 12.4.5. Syndicated Credit (Including Eurocurrency Loans) 12.4.6. Example of a Project Financing Support by a User Sponsor’s Guarantee 12.4.7. Completion Guarantees 12.4.8. Guarantees and Bonds under Construction Contracts 12.4.9. Deficiency Guarantees 12.4.10. Undertakings Providing Comfort to Lenders but Not Really Guarantees 12.4.11. Direct and Indirect Guarantees against Nationalization, Expropriation and Political Risk 12.4.12. Exim Bank Financing and Loan Guarantee Programmes 12.4.13. Shipping Company Financing the Purchase of a Foreign Flagship with a Non-Recourse Loan 12.4.14. Take-or-Pay, Through-Put and Put-or-Pay Contracts 12.4.15. Build Own and Transfer or Build Own and Operate Transactions 12.4.16. Puts and Call as Support Mechanisms 237 240 242 243 243 243 245 246 246 246 247 247 249 250 250 251 252 253 254 258 260 267 269 272 273 284 285
Contents Chapter 13 General Principles of Leasing and Types of Leases 287 Introduction What is a Lease? Different Forms of Leases Different Types of Lessors The Conditional Sale Lease or Non-Tax-Oriented Lease 13.5. The True Lease or Lease as Part of the Financing of a Sales Package 13.5.1. How True Leasing Works 13.5.2. Principal Advantage is Low Cost 13.5.3. Rationalization of the Loss of Residual Value 13.6. TRAC Leases 13.6.1. Equipment Eligible for TRAC Leases 13.6.2. TRAC Defined 13.6.3. How a TRAC Lease Works 13.6.4. Except for TRAC Clause, a TRAC Lease Must Qualify as a True Lease 13.6.5. Advantages of TRAC Leases 13.7. Islamic Leases 13.8. Synthetic Leases 13.9. How the New Accounting Rules Will Impact on Leases 13.1. 13.2. 13.3. 13.4. Chapter 14 International Leasing Introduction 14.1. Cross-Boundary Leasing or Cross-Border Leasing 14.2. Double Dip Leasing 14.3. Examples of Leasing in Different National Contexts 14.3.1. Regulation of Leasing Activity 14.3.2. Initial Costs of the Transaction 14.3.3. Ownership of the Asset 14.3.4. Tax Issues 14.3.5. End-of-Lease Issues 14.4. Some Examples of Different Leasing Approaches 14.4.1. France 14.4.2. Ireland 287 288 290 292 292 293 294 295 296 296 296 297 297 297 297 298 301 301 305 305 305 306 307 310 310 310 311 311 312 312 313
Contents 14.4.3. Japan 14.4.4. 14.4.5. 14.4.6. 14.4.7. 14.4.8. 14.4.9. China Australia Africa Americas Middle East Islamic Leases Chapter 15 Overview of Risk Management 15.1. Introduction 15.2. Types of Risk 15.2.1. Risk Retention 15.2.2. Neutralizing Risk 15.2.3. Risk Transfer 15.3. Traditional Insurance Policies 15.3.1. Political Risk Insurance 15.3.2. DFC insurance Programme as an Exemplar 15.3.3. Private Sector Coverage 15.4. Trade Credit Insurance 15.5. Financial Guarantees 15.6. Structured Finance 15.6.1. Securitization 15.6.2. Structured Notes 15.7. Derivatives Instruments 15.7.1. Risk-Sharing Versus Insurance-Type Derivatives 15.7.2. Exchange-Traded versus Over-theCounter Derivatives 15.8. Alternative Risk Transfer 15.8. ). Derivative-Type Agreements 15.8.2. Insurance-Linked Notes 15.8.3. Contingent Insurance Chapter 16 Controlling Risk Using Listed Derivatives 16.1. Introduction 16.2. Futures Contracts 16.2.1. Mechanics of Futures Trading 16.2.2. Futures Contracts Used in Hedging Project Risk 314 315 317 317 317 317 318 319 319 319 320 320 321 322 322 323 325 326 326 327 327 330 330 331 332 333 333 334 335 337 337 338 338 340
xxiv Contents 16.2.3. General Principles of Hedging With Futures and Forward Contracts 16.3. Exchange-Traded Options 16.3.1. Option Description and Mechanics 16.3.2. Differences Between Options and Futures Contracts 16.3.3. Exchange-Traded Futures Options Chapter 17 Controlling Risk via Risk-Sharing Derivative Contracts: Swaps 17.1. Introduction 17.2. Generic Interest-Rate Swaps 17.3. Application 17.4. Calculation of the Swap Rate 17.5. Valuing a Swap 17.6. Non-Generic Interest-Rate Swaps 17.6.1. Amortizing, Accreting and Roller Coaster Swaps 17.6.2. Zero-Coupon Swaps 17.6.3. Basis Rate Swaps 17.6.4. Forward Rate Swaps 17.7. Currency Swaps 17.8. Cross-Currency Interest-Rate Swaps 17.9. Commodity Swaps Chapter 18 Controlling Risk With Customized Derivatives and Agreements 18.1. Introduction 18.2. Exotic Options 18.2.1. Compound Options 18.2.2. Forward-Start Options 18.2.3. Barrier Options 18.2.4. Lookback Options 18.2.5. Average Options 18.3. Interest Rate Agreements 18.3.1. Caps and Floors 18.3.2. Collars 18.3.3. Forward Rate Agreements 18.3.4. Swaptions 343 356 358 359 360 363 363 364 365 366 369 371 372 372 372 372 372 374 375 379 379 380 380 381 381 381 382 382 382 383 384 384
Contents Derivative-Type Agreements for Controlling Risk 18.4.1. Deal-Contingent Hedges 18.4.2. Off-Take Agreements 18.4.3. Contract for Difference 18.5. Credit Default Swaps 18.5.1. Mechanics of a Credit DefaultSwap 18.5.2. Use of CDS By Banks xxv 18.4. 385 385 386 390 391 392 393 Chapter 19 The Influenceof ESG on Project Finance Introduction 19.1. Environmental Issue Case 19.2. Social Issue Case 19.3. Governance Issue Case 19.4. What Genera] Conclusions Can We Draw? 395 395 397 399 400 407 Chapter 20 Sirius: A Star That Fell to Earth 20.1. Introduction 20.2. What Was the Project? 20.3. Macro Environment 20.4. Potassium-Based Fertilizers (Potash Fertilizer) 20.5. Project Development and Design 20.6. Developing the New Market for Polyhalite 20.7. Financial Structure 20.8. Financing Decisions 20.9. Stage 1 Becomes Stage 2 20.10. How It All Went So Very Wrong! 20.11. Lessons Learned 409 409 410 41) 414 418 423 428 430 430 432 437 Afterword 439 Index 441 |
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| illustrated | Illustrated |
| index_date | 2024-07-03T17:41:21Z |
| indexdate | 2024-07-10T09:10:00Z |
| institution | BVB |
| isbn | 9789811231490 |
| language | English |
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| spelling | De Nahlik, Carmel F. Verfasser (DE-588)135646634 aut Project financing financial instruments and risk management Carmel de Nahlik (WMG, University of Warwick, UK), Frank J. Fabozzi (EDHEC Business School, France) New Jersey ; London ; Singapore World Scientific [2021] xxv, 462 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Includes index Corporations Finance Risk management Cash flow Risikoanalyse (DE-588)4137042-9 gnd rswk-swf Projektfinanzierung (DE-588)4047425-2 gnd rswk-swf Investition (DE-588)4027556-5 gnd rswk-swf Projektfinanzierung (DE-588)4047425-2 s Risikoanalyse (DE-588)4137042-9 s Investition (DE-588)4027556-5 s b DE-604 Fabozzi, Frank J. 1948- Verfasser (DE-588)129772054 aut Erscheint auch als Online-Ausgabe 978-981-123-319-7 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032763482&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | De Nahlik, Carmel F. Fabozzi, Frank J. 1948- Project financing financial instruments and risk management Corporations Finance Risk management Cash flow Risikoanalyse (DE-588)4137042-9 gnd Projektfinanzierung (DE-588)4047425-2 gnd Investition (DE-588)4027556-5 gnd |
| subject_GND | (DE-588)4137042-9 (DE-588)4047425-2 (DE-588)4027556-5 |
| title | Project financing financial instruments and risk management |
| title_auth | Project financing financial instruments and risk management |
| title_exact_search | Project financing financial instruments and risk management |
| title_exact_search_txtP | Project financing financial instruments and risk management |
| title_full | Project financing financial instruments and risk management Carmel de Nahlik (WMG, University of Warwick, UK), Frank J. Fabozzi (EDHEC Business School, France) |
| title_fullStr | Project financing financial instruments and risk management Carmel de Nahlik (WMG, University of Warwick, UK), Frank J. Fabozzi (EDHEC Business School, France) |
| title_full_unstemmed | Project financing financial instruments and risk management Carmel de Nahlik (WMG, University of Warwick, UK), Frank J. Fabozzi (EDHEC Business School, France) |
| title_short | Project financing |
| title_sort | project financing financial instruments and risk management |
| title_sub | financial instruments and risk management |
| topic | Corporations Finance Risk management Cash flow Risikoanalyse (DE-588)4137042-9 gnd Projektfinanzierung (DE-588)4047425-2 gnd Investition (DE-588)4027556-5 gnd |
| topic_facet | Corporations Finance Risk management Cash flow Risikoanalyse Projektfinanzierung Investition |
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